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NJ Developer Pays $22M To Settle Condemnation Row

Law360, New York (July 17, 2012, 6:46 PM EDT) -- A judge overseeing the Chapter 11 of Jersey City, N.J., development companies with about $370 million in waterfront area properties on Monday approved a $22.4 million, condemnation-related settlement the debtors said resolves the last major issue impeding their redevelopment work.

The settlement — under which bankrupt Liberty Harbor Holding LLC and its affiliates will cover a judgment awarded to owners of property condemned in 2004 by the Jersey City Redevelopment Authority — was enabled by the court's earlier resolution of a title dispute that blocked the second phase of the mixed-use urban neighborhood project, according to Peter Mocco, who owns the...

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